Property Tax Lawyers in Lexington
The government of Lexington, Kentucky requires most people who own real property to pay taxes on its value. "Real property" refers to land and buildings, as well as anything else which is permanently adhered to a piece of land, including trees, oil, groundwater, minerals, and the like.
In Lexington, Kentucky, property taxes are measured as a percentage of the land's value. They are most commonly paid annually. But in any case, they are paid at some set interval.
The federal government almost never imposes property taxes directly. Property taxes are collected nearly exclusively by state, county, and local governments.
How Property Tax is Calculated in Lexington, Kentucky
Lexington, Kentucky property taxes are normally calculated as a percentage of the value of the taxable property. Rates vary widely across the country, normally ranging from less than 1% at the low end, to about 5% at the high end.
To collect the property tax in a fair and consistent manner, Lexington, Kentucky tax authorities need to have an objective formula for determining the value of land under its jurisdiction.
In some ways, value is a subjective thing. For example, the home in which you grew up is probably worth far more to you than its market value. To get around this, the government uses nothing but objective factors in determining how much a piece of real property is worth.
To this end, the Lexington, Kentucky appraiser will look at things like the state of the real estate market, the size of the land, the presence of additions to the land such as buildings, and the way in which the property is zoned.
How A Lexington, Kentucky Property Tax Attorney Can Help.
The system of levying property taxes in Lexington, Kentucky can get fairly difficult. Disputes about property taxes, between the taxpayer and the tax authorities, can come up in many different ways. A taxpayer may believe that an error was made in calculating their property's taxable value, resulting in bigger tax bill. Furthermore, the state or city government might allege that you have failed to pay your property taxes, while you believe that you have.
If one of these contentions affects you and your property in Lexington, Kentucky, you should make every effort to properly handle it. This can prevent small issues from growing into large ones. The best way to do this is to seek the advice of a brilliant Lexington, Kentucky tax attorney who specializes in property tax law.